Maeban Publishing Group, the publisher of Maeban lifestyle magazine, has acquired a licence for London-based Time Out magazine in a bid to strengthen its online magazine business.
Dujduan Hetrakul, managing director of Maeban Publishing, said the company has shifted its focus online as adverting rates in digital media are rising compared with traditional print.
Moreover, the media business has been changing and future survival will depend on digital media.
“Acquiring Time Out magazine will help strengthen our business strategy,” Ms Dujduan said.
The group is spending 30 million baht on the three-year licence.
Time Out Bangkok will reach locals as well as foreign visitors to the city.
Thailand is the latest licensee of Time Out Group, which operates in 89 cities worldwide.
Time Out Group is currently building a real digital media platform, having completely refashioned itself as an online media brand.
Maeban Publishing said Time Out Bangkok is set to have a 70% Thai readership, with the remaining 30% coming from tourists and expatriates working near skytrain and subway stations.
The company also projects that 70% of Time Out Bangkok‘s revenue will come from advertising in the print edition and marketing events, with the remaining 30% coming from its digital platform, including its application and website.
The Time Out application has been downloaded in Thailand 5,800 times and 15 million times globally thanks to its restaurant, event and accommodation-themed content.
Ms Dujduan said the fastest way to reach people in the digital era is using an online platform that synergies with the company’s strong positioning in creating lifestyle content.
This source first appeared on Bangkok Post Lifestyle.